Magyar Bank Mortgage Rates, Fees & Info
New Brunswick, NJLEI: 549300D2IR01BV6NPA49
Tax ID: 22-1085787
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Mortgage Data
Review & Overview
Magyar Bank is a smaller bank specializing in Home Purchase loans. Magyar Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Santa Maria, Miami, Allentown, and Philadelphia among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Magyar Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
87Origination Dollar Volume (All Markets)
$39,345,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 80 | $26,950,000 | $336,875 | $0 | 0.00% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $10,005,000 | $10,005,000 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $1,685,000 | $1,685,000 | $0 | 0.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $125,000 | $41,667 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 87 | $39,345,000 | $452,241 | $0 | 0.00% |
For 2023, Magyar Bank's most frequently originated type of loan was Conventional, with 87 originations.
Loan Reason
For 2023, Magyar Bank's most frequently cited loan purpose was Other, with 39 originations. The 2nd most popular reason was Home Purchase, with 27 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 87 | $39,345,000 | $452,241 | $0 | 0.00% |
For 2023, Magyar Bank's most frequently cited loan duration was Other, with 87 originations.
Loan Sizing
2023 saw Magyar Bank place emphasis on $100,000 or less loans with 25 originations, totaling $1,335,000 in origination value.
Applicant Income
Magyar Bank lent most frequently to those with incomes in the $100k-150k range, with 18 originations. The second most popular income band? $150k-250k, with 16 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 87 | $39,345,000 | $452,241 | $0 | 0.00% |
Magyar Bank lent most frequently to those with DTI ratios of Exempt%, with 87 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.83%
Magyar Bank has an average approval rate.
Pick Rate
Approvals leading to origination78.16%
Magyar Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 87 | $39,345,000 | $452,241 |